Cooper Energy Ltd (ASX: COE)

Cooper Energy supports ASIC application to Takeovers Panel

Cooper Energy Limited (ASX: COE) advises that it has been approached by the Australian Securities and Investments Commission (ASIC) to extend its Takeover Offer for Incremental Petroleum Limited (ASX: IPM).

Cooper?s Offer is currently due to close on Friday, 7 November.

Cooper understands that ASIC is considering an application to the Takeovers Panel for an order permitting Cooper to extend the Offer to allow Incremental shareholders time to consider a revised report from the independent expert, KPMG. Cooper has consented to such an order being made, although at this stage there is no certainty that ASIC's application to the Takeovers Panel will proceed.   

The extension would allow Incremental shareholders time to consider a revised report from the independent expert, KPMG, which Cooper understands will be released on Wednesday 5 November.

Cooper understands that the preparation of this revised report follows concerns which ASIC had raised with respect to the original expert's report that accompanied Incremental's Target's Statement.

The original expert?s report was relied upon by Incremental Directors as a basis for rejecting Cooper?s Offer. 

Cooper maintains its view that the report is fundamentally flawed as a basis for recommending that Incremental shareholders reject Cooper's Offer.

Mindful of the uncertainty that this development may create for Incremental shareholders, Cooper will issue a further announcement when the result of ASIC's application to the Takeovers Panel, if it proceeds, is known.

Further Information

Cooper Energy is being advised by Euroz Securities Limited (financial adviser) and Minter Ellison (legal adviser). 

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